\textit{Panel A: Fixed costs }    &  \multicolumn{2}{c}{Average fixed cost (million BEF)}      \\ 
                    &\multicolumn{1}{c}{Exg. price}&\multicolumn{1}{c}{End. price}\\
 \hline  &&&\\   
Upper bound         &       0.080&       0.076\\
\addlinespace
Lower bound         &       0.074&       0.071\\
 &&&&   \\     \hline    
\textit{Panel B: Exit change - exogenous price }    &  \multicolumn{2}{c}{Change from cartel to:}      \\ 
                    &\multicolumn{1}{c}{Cournot}&\multicolumn{1}{c}{Pre-1898 conduct}\\
 \hline  &&&\\   
Relative exit change&       1.842&       1.041\\
 &&&&   \\     \hline    
\textit{Panel C: Exit change - endogenous price }    &  \multicolumn{2}{c}{Change from cartel to:}      \\ 
                    &\multicolumn{1}{c}{Cournot}&\multicolumn{1}{c}{Pre-1898 conduct}\\
 \hline  &&&\\   
Relative exit change&       1.421&       0.122\\
 &&&&   \\     \hline    
